Solana Resources Limited announced that during a 4.5 hour clean-up period, the Los Aceites-1 exploration well flowed at an average rate in excess of 5,000 barrels of 40 degrees API oil per day (bopd), gross, from ten feet of perforations.
Los Aceites-1 reached a total measured depth of 7,108 feet on August 11, 2008, and a completion and cased hole short test program commenced on August 24, 2008, utilizing the Pioneer Rig 52 drilling rig.
A total of ten feet was perforated, from 6,874 to 6,884 feet, in the Carbonera C-7 formation. After perforation the well was swabbed and started to flow naturally. As part of the clean-up flow period, the well flowed at exceptional rates in excess of 5,000 bopd gross, 2,800 bopd net of royalty to Solana, with a 5% water cut. This flow rate was restricted by surface facility constraints.
The duration of the test was very brief, only 4.5 hours, and was truncated due to limited onsite tank storage capacity. In this part of the Llanos Basin, in Solana's experience, fields are usually characterized by limited reserves, high initial production rates (in the 500 - 2,000 bopd range), and quickly increasing water cuts.
The Pioneer Rig 52 was released on August 29, 2008. Solana will install appropriately sized equipment to undertake the required short test as soon as the drilling rig has been moved off of the location. This test is anticipated to start mid September.
As a result of the exceptional initial flow rates encountered at Los Aceites-1, the Company is revisiting its mapping of the Los Aceites prospect with a view to establishing potential field limits. Based on the Company's current understanding, one additional well may be required in this field.
Solana is the Operator and holds a 100% working interest in the Guachiria block with Lewis Energy Colombia holding a 30% beneficial interest in the block. The Guachiria block is subject to an Ecopetrol S.A. contract, the Colombian state oil and gas company, and attracts an additional 13% overriding royalty that is applied after government royalties to Ecopetrol S.A.
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